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Truist Financial supports small businesses with $2 Million funding

Truist Financial Corporation has announced that the bank is providing a fund of $1 million each to LiftFund and Natural Capital Investment Fund (NCIFund), community development financial institutions (CDFIs), to support small businesses (SMBs) affected by the COVID-19 pandemic. The $2 Million fund grant is a part of the company’s Truist Cares initiative with a focus on SMBs for operating its capital shortages and critical needs.

The initiative is part of a $25 million philanthropic pledge to support basic needs, medical supplies and financial hardship relief due to COVID-19. Small businesses who have less than ten full-time employees and have annual gross revenue no more than $1 million from all business activities can apply for a grant.

“Small businesses are significantly affected by the steps the nation is taking to combat COVID-19, and it’s important we support them. Our purpose is to inspire and build better lives and communities, and small businesses contribute to our nation’s economic growth through job creation and innovation of products and services. Grants from LiftFund and Natural Capital Investment Fund will offer small businesses in our communities the relief they need to thrive during this difficult time,” said Truist Chief Community Reinvestment Act Officer Sharon Jeffries-Jones.

LiftFund will provide the fund to small businesses in Alabama, Arkansas (Crittenden County), Georgia, Florida, Kentucky, Missouri (Desoto County), Tennessee and Texas. NCIFund will provide grants to small businesses in Maryland, New Jersey, North Carolina, Ohio (Brown, Butler, Clermont, Hamilton and Warren Counties), Pennsylvania, Virginia, South Carolina,  West Virginia and Washington.

“Small businesses are vital to our local neighborhoods and economies. Now more than ever, LiftFund, with support from Truist, is committed to lifting small businesses and helping them endure the economic pain during this uncertain time,” said Janie Barrera, president and CEO of LiftFund.

“We’re proud to partner with Truist to serve small businesses in this time of unprecedented need. Small businesses provide the lion’s share of jobs in the U.S. and bring diversity and innovation to our communities; they deserve our support,” said Marten Jenkins, president and CEO of NCIFund.

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